Timken: 2Q Earnings Snapshot
NORTH CANTON, Ohio (AP) _ Timken Co. (TKR) on Wednesday reported second-quarter net income of $92.5 million.
The North Canton, Ohio-based company said it had profit of $1.20 per share. Earnings, adjusted for one-time gains and costs, were $1.27 per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.45 per share.
The maker of bearings and power transmissions posted revenue of $1 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $1.01 billion.
Timken expects full-year earnings in the range of $4.80 to $5 per share.
Timken shares have risen 30% since the beginning of the year. The stock has risen slightly more than 5% in the last 12 months.